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Anthony's Music is a store that buys and sells musical instruments and uses a perpetual inventory systern. Transactions for the business are shown below: Nov2.

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Anthony's Music is a store that buys and sells musical instruments and uses a perpetual inventory systern. Transactions for the business are shown below: Nov2. Purchased two electric guitars from Fender Supply Limited, on account, at a cost of $950 each, terms 1/10, n/60. 4 Made a cash sale of two keyboards for a total invoice price of $2,700. The cost of each keyboard was $700. 5 Received acredit from Western Acoustic inc for the return of an acoustic guitar, which was defective. The original invoice price was $525 and the guitar had been purchased on account. 7 One of the keyboards from the cash sale of Nov a was returned to the store for a full cash refund because the customer was not satisfied with the instrument. 8: Purchased store supplies for cash from a stationery store. The price of the supplies is $175. 10 Sold one Omega trumpet to the Toronto Regional Band, on account, for an imvoice price of $2,700. Terms are 1/10,/60 The trumpet hod cost Anthonys Music $1,420. 10 Made a porment on account for the amount owing to Fender Supply Limited for the purchase of Now. 2. 13 Purchased two saxophones from Yamaha Canada Inc on account. The imoice price was $2,300 for each saxophone. Terms are 1/10,n/30. 16. Returned to Yamaha Canada inc. one of the saxophones purchased on Nov. 13, as it was the wrong model, Received a credit from Yamaha for the full purchase price. 20 Received a cheque for the aporomiate amount from the Toronto Regional Band for the purchase of Nov. 10. 22. Paid balance owing to Yamalla Canada inc. Prepare the joumal entries to recocd Anthory/s Music transactions assaning the compary uses the earnings approach to recognire revenue /Credt occount tieles are autamatically indented when the amount is entered. Do not indent monuadk if no entry is required, select "No Entry' for the account tities and enter Ofor the amounts. Record joumal eneries in the order precented in the problem. List oll debit entries. before credit entries)

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